Western Asset Municipal Partners Fund IncFind Ratings Reports
- Last Ratings Update:03/31/2017
- Price as of 03/31/2017 :$15.11
- Net Assets:$154.55 Million
- Peer Rank:45 of 104
- Investment Rating:C+
We rate Western Asset Municipal Partners at C+. Positive factors that influence this rating include a well above average total return and low price volatility. The fund invests approximately 99% of its assets in bonds and may be considered for investors seeking a Municipal - National strategy.
POSITIVES AND RISKS
Total return ranks very high in comparison with peers over the last three years. The Western Asset Municipal Partners has returned an annual rate of 5.87% since inception. More recently, the fund has generated a total return of 4.52% in the last five years, 7.74% in the last three years, and -4.84% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 54% of them. It has also outpaced 89% of its competitors on a three year basis and 9% of them over the last year for the period ending 3/31/2017. On a year to date basis, MNP has returned 2.77%.
Downside risk has been below average. MNP has a draw down risk of -16.62%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 10.4%. This fund has had a low level of volatility in its monthly performance over the last 36 months. As of 3/31/2017, the fund was trading at a price of $15.11, which is 2.8% below its 52-week high of $15.55 and 1.1% above its 52-week low of $14.95.
High expense ratio hinders performance. On total assets of $154.55 million, MNP maintains a high expense ratio compared to its Municipal - National peers of 1.61% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As MNP is a closed end fund, it has no front end or back end load.
Manager tenure is a net positive but performance record lags managerial peers. Substandard fund managers tend to be replaced, so a long tenure is usually a good sign that a fund is achieving its objectives. The Western Asset Municipal Partners has been managed by Robert E. Amodeo for the last 18 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than just 44% of other fund managers.